Is it fairly easy to purchase a home if your pre approved?

Question

If your already pre approved for a certain amount, say $250,000 and you want to buy a home for $200,00 isn't it as easy as saying yes I want this house and you and your relator submitting an offer and depending on the outcome of that it being a walk in the park? Or is there a bunch of mumbo jumbo and rediculous hoops you have to jump through? Obviously your going to want to have the home inspected prior to submitting an offer but other then that, if your already pre approved shouldn't it be as easy as 1 2 3?

A Hunch · Accepted Answer

No.
a pre-approval is a VERY preliminary approval.  Some preapprovals are based solely what you state your income is and your credit report.

A home inspection occurs after the offer is submitted, unless you want to spend a lot of money of inspections for places that you may never have the offer accepted.
- the contract will include a clause regarding being able to withdraw the offer depending on the outcome of the inspection.

The actual loan approval may look at EVERY little financial detail that ever occurred.  
The appraisal will confirm that the offer that was accepted is fair.

Big Deal Maker · Answer

No...A pre approved loan is not an approval to purchase the home. It just says you may make enough to purchase the home IF (big if ) you can show that you have the income and so on.
Get an approved loan. That is what the realtors and the bank is looking for and it will make your buying the home faster and a lot easier for you. Then you are set to buy a home in your budget .

Anonymous · Answer

It should be as easy as you explain.
Pre approved
Make offer
Offer accepted
Bank pays owner
Closing day
Move in

Good Luck!

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Is it fairly easy to purchase a home if your pre approved?

3 Answers